Statistics collated by the Jersey Financial Services Commission show that many
of Jersey’s leading financial sectors experienced a small amount of growth
in the third quarter of 2010.

According to the statistics, which relate to the three month-period ending September 30 2010, banking deposits increased by 0.16 per cent during the third quarter of 2010, from £166.9 billion to £167.2 billion.

The total number of live companies increased by 64 from 33,570 to 33,634, while the number of funds grew by 40 from 1,287 to 1,327.

The growth in funds and deposits was an improvement on the island's performance in Q2, when both banking deposits and funds decreased. Q3's increase in companies however was a smaller jump than in Q2, when more than three times as many (191) new companies were registered.

The largest of the Channel Islands, Jersey is a popular international finance centre, regularly ranked in the top 20 of all world financial centers by surveys for the City of London Corporation.

Its financial sector, which accounts for around 50 percent of the island’s GDP and employs more than 12,000 people, was hit hard by the global economic crisis. Many companies have since tried to forge a relationship with new markets to try and bring fresh business to the island.

In November, Jersey Finance, a government-funded initiative to promote Jersey as an international finance centre, announced that it would be opening a new overseas officeto cater for the Middle Eastern and Indian markets, with centres in both Abu Dhabi and Mumbai.

The third quarter statistics show that banking deposits from the Middle East and Far East are continuing to increase on the island.

Geoff Cook, chief executive of Jersey Finance, commented: “‘2010 has been a particularly challenging year and it is encouraging that the majority of our key sectors are reporting growth.

“An analysis of the residence of our depositors shows that a high percentage of deposits originate from the UK and European non-EU countries but it also shows that our finance industry is building a strong foothold in other key markets such as the Middle East and the Far East, together representing 18 per cent of the deposits.

“We are continuing to work with government on a number of inward investment initiatives which we believe will strengthen Jersey’s position as a preferred centre for fund managers wishing to establish a physical presence in Jersey and an attractive domicile for alternative funds and fund administration services.”